30 MARCH / APRIL 2017 Employers Take Heart Help is on board for compliance practices January’s transition to a new presidential administration brought with it a promise to make drastic changes to the current state of American health care by re- pealing and replacing the Affordable Care Act (ACA). While it remains unclear how, when and to what extent those changes will unfold, Congress has already taken steps to move the process forward. New legislation regarding health care does not affect only insurance companies and individual consumers; it also greatly affects employers that administer benefit plans to their employees. Group benefit plans are subject to federal compliance regulations, and it is the responsibility of the employer to adhere to those regulations. The Affordable Care Act requires that multiple actions be taken by employers, including section 6055 – reporting of minimum essential coverage – a detailed process that has proved intimidating for some employers. The likelihood that new and/or adjusted compliance regulations will accompany changes to the ACA is high, and these changes could include their own processes involving uncharted territory. With potential changes in legislation looming, human resources staff may begin scrambling to find more information about how to implement the most current compliance practices. Depending on how drastic the changes are, employers may feel the need to seek expensive consulting services or attempt to outsource compliance altogether. It can seem overwhelming. The IBA Group Insurance Trust is dedicated to monitoring changes to the law and keeping members informed about how they could potentially be affected. Included in the suite of services, the IBA Group Insurance Trust offers to its members an effective compliance solution that keeps employers up-to-date with changing regulations related to their benefit plans: Compliancedashboard. Compliancedashboard is the leading online compliance tool that organizes all of an employer’s compliance obligations into a single, customized calendar. The system tells the employer when and how to complete activities, even as new legislation comes into play. Beyond covering the Affordable Care Act, Compliancedashboard is an all-inclusive tool that keeps employers in compliance with ERISA, HIPAA, COBRA and more. Compliancedashboard includes a library of sample documents and a cloud storage system to keep personalized notices and disclosures organized and available whenever they are needed. Reports can be generated at any time, displaying the employer’s compliance progress, which is essential in the case of an audit. With the IBA Group Insurance Trust and Compliancedashboard, expensive consulting services are not necessary. The email reminder system ensures that nothing falls through the cracks, and each compliance calendar is customized to an employer’s plan needs, so the entire process is efficient and transparent. Regardless of how many or few changes are made to the Affordable Care Act, or when they take effect, IBA Group Insurance Trust members can rest assured that remaining in compliance will not be stressful. For more information about Compliancedashboard and other services provided to members of the IBA Group Insurance Trust, contact Stephen James at 317-793-2923, email: sjames@ capstonebenefits.com. HB Article author PRODUCTS & SERVICES PROFILE IBA Group Insurance Trust is a Preferred Service Provider of the Indiana Bankers Association. IBA Group INSURANCE TRUST Stephen James Sales Consultant IBA Group Insurance Trust sjames@ capstonebenefits.com
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